The price of the used car is $23,500. Sales tax on this car is 7% of the price of the vehicle. You intend to finance the entire cost of the car and sales tax, less a down payment of $1,200. You intend to finance the car for 48 months and your car payment will be $551.44 per month.

Your answer should include the following information

* Calculate and discuss the amount financed, the installment price of the new car, and the finance charges you will pay over the life of the loan.